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Dubai's real estate sector 'enters new era'

Dubai, September 1, 2014

It's the beginning of a new era for Dubai's real estate sector as project developers start adopting a sustainable, long-term approach rather than the old one of build it, sell it and move on, said the head of one of Dubai’s fastest-growing business groups.

The residential developments offering a package of high quality services geared to the needs of end-users are the shape of things to come in a maturing UAE property market, remarked Safi Qurashi, the CEO and founder of Q Group.

Qurashi sees real estate entering a new era in which the most successful developers will be those adopting a longer term approach, and aligning projects with Dubai’s economic drivers of tourism, leisure and hospitality.

“We’re seeing a significant change in attitude as the real estate market here matures,” said Qurashi. "Projects are now more focused on a sustainable, long-term approach rather than the old one of build it, sell it and move on," he noted.

“Developers know they need to do more than just find a bunch of investors they can make money from, without thinking of the end-user. We as a group, and other developers, are now focusing more on properties from the viewpoint of the people who will live in them,” stated the company chief.

Set up by Qurashi two years ago, with property sales and leasing as its core business, Q Group now comprises seven companies, with operations extending from real estate brokerage, development and investment into facilities management, access solutions and security.

With a big recruitment drive under way, the group is now entering a new phase of expansion, including the launch of a five-star resort and residential destination on The World Islands, Dubai  and establishment of an investment fund linked to major leisure, entertainment and hospitality projects.

Q Development starts construction next month on a residential block at Dubai’s Jumeirah Village Circle, with another at Motor City awaiting final planning approvals. Both projects, and others in the pipeline, will take services for residents to a new level.

“We need to match their needs, not just build another apartment block with a gym and a swimming pool,” said Qurashi. “Service charges shouldn’t just be about cleaning the corridors and changing the light bulbs,” he added.

According to him, there has been a significant change in the attitude of the developers.

"A lot more thought is going into what they build. Developers are now looking more closely at finances in order to make projects secure, rather than depending on pre-sales to finance them," he added.-TradeArabia News Service




Tags: Dubai | property | real estate | Quality |

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